Granite Harbor Advisors Inc. Increases Stake in Constellation Brands, Inc. (NYSE:STZ)

Granite Harbor Advisors Inc. grew its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 12.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 951 shares of the company’s stock after purchasing an additional 108 shares during the quarter. Granite Harbor Advisors Inc.’s holdings in Constellation Brands were worth $245,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in STZ. Manning & Napier Advisors LLC bought a new stake in shares of Constellation Brands in the 2nd quarter worth approximately $119,394,000. Vanguard Group Inc. increased its position in Constellation Brands by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 13,705,793 shares of the company’s stock valued at $3,724,686,000 after purchasing an additional 462,891 shares during the period. Howland Capital Management LLC raised its holdings in Constellation Brands by 3.0% in the 1st quarter. Howland Capital Management LLC now owns 141,314 shares of the company’s stock worth $38,403,000 after purchasing an additional 4,051 shares in the last quarter. Quadrature Capital Ltd purchased a new stake in shares of Constellation Brands in the 4th quarter worth about $958,000. Finally, Capital International Sarl boosted its stake in shares of Constellation Brands by 35.9% during the 1st quarter. Capital International Sarl now owns 10,462 shares of the company’s stock valued at $2,843,000 after purchasing an additional 2,764 shares in the last quarter. 77.34% of the stock is owned by hedge funds and other institutional investors.

Constellation Brands Stock Performance

Shares of Constellation Brands stock traded up $2.95 during trading hours on Monday, reaching $244.01. 232,066 shares of the stock traded hands, compared to its average volume of 1,183,180. The company has a 50 day moving average price of $246.10 and a 200 day moving average price of $252.27. Constellation Brands, Inc. has a one year low of $227.64 and a one year high of $274.87. The company has a quick ratio of 0.53, a current ratio of 1.25 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $44.65 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 1.70 and a beta of 1.75.

Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share for the quarter, topping the consensus estimate of $4.08 by $0.24. The business had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Constellation Brands had a net margin of 5.29% and a return on equity of 25.34%. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the company posted $3.70 EPS. On average, equities research analysts expect that Constellation Brands, Inc. will post 13.57 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be paid a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Tuesday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is 30.10%.

Wall Street Analysts Forecast Growth

STZ has been the subject of several research analyst reports. BMO Capital Markets restated an “outperform” rating and issued a $315.00 price objective on shares of Constellation Brands in a report on Friday, July 5th. Evercore ISI reduced their price target on Constellation Brands from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Truist Financial lowered their price objective on Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a research report on Friday, October 4th. Morgan Stanley decreased their price target on shares of Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Finally, Barclays cut their price objective on shares of Constellation Brands from $309.00 to $300.00 and set an “overweight” rating on the stock in a report on Monday, October 7th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Constellation Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $291.06.

Insider Buying and Selling

In related news, CFO Garth Hankinson sold 13,583 shares of Constellation Brands stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the sale, the chief financial officer now owns 11,702 shares of the company’s stock, valued at approximately $2,808,480. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Constellation Brands news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $240.00, for a total value of $3,259,920.00. Following the sale, the chief financial officer now owns 11,702 shares in the company, valued at $2,808,480. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel J. Mccarthy sold 1,854 shares of the firm’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $252.43, for a total value of $468,005.22. Following the transaction, the director now owns 3,232 shares of the company’s stock, valued at approximately $815,853.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.19% of the stock is currently owned by insiders.

About Constellation Brands

Constellation Brands, Inc, together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. The company provides beer primarily under the Corona Extra, Corona Familiar, Corona Hard Seltzer, Corona Light, Corona Non-Alcoholic, Corona Premier, Corona Refresca, Modelo Especial, Modelo Chelada, Modelo Negra, Modelo Oro, Victoria, Vicky Chamoy, and Pacifico brands.